Daily Trading Scoop: What the Big Players Are Watching

Market Overview

Recent market analysis showed strong alignment, with most assets performing as predicted. Precious metals like Gold and Silver continued their bullish rallies, driven by Fed rate cuts and supply-demand dynamics.

The DXY remained bullish due to positive US economic news, with USD/JPY and USD/CAD following strong forecasts. In contrast, NZD/USD adhered to a "strongly bearish" outlook.

Overall, markets displayed clear directional moves, with GBP/USD, AUD/USD, and EUR/USD trading lower amid Eurozone weakness and geopolitical concerns. USD/CHF rose as expected, supported by risk-off sentiment and a stronger dollar.

Overall Scorecard:

• Spot on / Accurate: Gold, Silver, DXY, GBP/USD, AUD/USD, NZD/USD, EUR/USD, USD/JPY, USD/CAD, USD/CHF

• Missed / Contradicted: None.

Market Analysis

GOLD Gold sharply pulled back, consolidating Thursday after Wednesday's drop. Sentiment shifted cautious. 1-hour RSI (49.35) trends lower from deeply overbought, indicating lost upward momentum and likely consolidation.

Support: $3,717.52 (swing low). Resistance: $3,761.69 - $3,779.34.

Bias: Bullish but consolidating; watching for support retest.

SILVER Silver consolidated Wednesday, then surged Thursday to new highs. Overall sentiment remains positive, bullish trend resumed after a pause. 1-hour RSI (70.54) rises to deeply overbought, suggesting strong upward momentum.

Support: $44.0 - $43.5 (swing low). Resistance: $48.0 - $49.0 (weekly high).

Bias: Bullish but consolidating; pullback to support likely.

DXY Dollar Index shows powerful upward momentum over two sessions, breaking resistance, extending rally from lows. Sentiment increasingly bullish. 1-hour RSI (75.73) is deeply overbought, reinforcing strong directional momentum.

Support: 97.737 (swing low). Resistance: 98.600 (weekly high), 98.80 (deeper ceiling).

Bias: Bullish; short-term pullback possible.

GBPUSD Cable under heavy selling, forming clear downtrend (lower highs/lows) over two sessions, reflecting dollar strength. 1-hour RSI (26.28) is deeply oversold, reinforcing strong bearish momentum.

Support: 1.3280 (weekly low). Resistance: 1.34660 (recent high).

Bias: Bearish; decisive break needed for new bias.

AUDUSD AUD/USD sharply declined over two sessions, hitting new lows. Strong bearish sentiment, awaiting directional break. 1-hour RSI (34.03) trends lower, oversold, reflecting recent indecisive price action.

Support: 0.65020 (weekly low). Resistance: 0.65747 (recent high).

Bias: Bearish; oversold bounce likely.

NZDUSD NZD/USD significantly fell over two sessions, breaking previous lows, accelerating downtrend. Bearish sentiment intensified, no reversal yet. 1-hour RSI (30.59) trends lower, deeply oversold, indicating strong bearish momentum.

Support: 0.57400 (weekly low). Resistance: 0.58313 (recent high).

Bias: Strongly bearish; consolidation range break needed for new trend confirmation.

EURUSD EUR/USD sharply pulled back Wednesday, continued strong downtrend Thursday, establishing new low. Sentiment turned bearish, resuming downtrend. 1-hour RSI (27.91) trends lower from deeply oversold, indicating strong downside momentum.

Support: 1.16360 (weekly low). Resistance: 1.17540 (recent high).

Bias: Strongly bearish; watch for support retest.

USDJPY USD/JPY continued powerful rally over two sessions, breaking to new high. Upward momentum dominant as yen buying pressure eased. 1-hour RSI (74.37) trends higher, deeply overbought, indicating strong bullish momentum.

Support: 148.91 (swing low). Resistance: 150.91 (weekly high).

Bias: Strongly bullish above 148.558; failure re-opens downside.

USDCHF USD/CHF strong, sustained uptrend over two sessions, breaking to new high. Bullish sentiment paused but no clear reversal. 1-hour RSI (70.85) trends higher, in bullish territory, reflecting pre-breakout consolidation.

Support: 0.79720 (recent low). Resistance: 0.80240 (weekly high).

Bias: Bullish; consolidation range break needed for new trend confirmation.

USDCAD USD/CAD strong uptrend over two sessions, reaching recent high. Sentiment remains strongly bullish but shows exhaustion near highs. 1-hour RSI (72.53) trends higher, deeply overbought.

Support: 1.39070 (swing low), 1.38849 (deeper). Resistance: 1.39670 (weekly high).

Bias: Strongly bullish above 1.38849; failure to break higher signals potential consolidation.